WinChart Technical Analysis
Daily Market analysis
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On Friday the KLCI remain in its consolidation, closing 10.87 points lower to 1357.40 points. As shown on the chart above, the T1 and the 14, 21, 31 EMA is still serving as the dynamic resistance for the KLCI, and therefore, the outlook for the KLCI is likely to remain bearish biased. Nevertheless, support for the KLCI is still at 1340 level.
Despite slight increase of volume on Friday, total market volume remains below the 40-day VMA level. Therefore, needless to mention, this shows that the overall market is lightly participated, thus implying that the market confident is relatively low. Therefore, the KLCI is expected to stay weak, unless volume should pick up significantly.
As circled at C, the Stochastic continue showing a short term bearish signal on Friday, with it still situated below the 30% level. Therefore, as long as the Stochastic is still staying below the 30% level, the market movement for the short term is likely to be bearish biased.
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